The changes follows Pearson's 2002 results this morning, which included the news that the FT saw advertising revenues fall 23% in 2002. The newspaper ended the year with average daily circulation of 473,587, a decline of 6% on the previous year, primarily due to lower sales in the UK.
Changes in the UK will affect both weekday and weekend papers. The Weekend FT, edited by Chrystia Freeland, will get a new magazine in April, to be edited by John Lloyd. It replaces The Business magazine, which was axed in July as part of cost-cutting measures.
Other changes to The Weekend FT see Emma Tucker appointed editor of the Weekend section of the Weekend FT and John-Paul Flintoff has been named as associate editor of the Financial Times Weekend magazine.
The reshaping of the weekday paper will include expanded UK corporate and national news pages, a new what's-in-the-FT guide to the paper on page two, a restyled features (Inside Track) section edited by Andy Davis and the introduction of daily up-to-the-minute sports coverage.
David Owen is appointed sports editor, and Sathnam Sanghera, currently British Press Awards 2002 Young Journalist of the Year, has been appointed chief feature writer. He will write for the daily and weekend editions. Richard Addis, the former Daily Express editor, will oversee a series of design changes to give the paper a sharper look and improve navigation for readers.
As well as the debut of an Asian edition of the paper to join the US edition, there will be increased coverage of the Asian asset management industry and the introduction of a Chinese-language business service on FT.com.
The Asian edition will be edited by John Ridding, currently deputy editor of the Financial Times. He will move to Asia in the summer to become editor and publisher of the Financial Times in Asia. He will also take up a new role as chairman of Pearson in Asia.
Dan Bogler is appointed Asia news editor, and Victor Mallet is appointed chief Asia correspondent.
Andrew Gowers, editor of the Financial Times, said: "With these exciting plans we aim both to complete our establishment of a global network of reporters and editions and to go on the offensive in our vital UK market. This is the right time to invest in editorial quality and innovation and in the further strengthening of the FT brand at home and in the world at large."
Pearson's Financial Times Group saw revenues fall £75m or 8% as the global economic downturn continued to hit advertising revenues and, to a much lesser extent, newsstand sales.
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